FX.co ★ Silver technical levels and trading recommendations for May 10, 2013

Overview

As shown on today's H4 chart, the metal reversed its bullish movement above the upward trend line and started to take a downward move after breaking the upward trend line. Currently, the silver is trading below the upward line which gives more opportunities for bearish signals with first target 23.30, then we should wait for testing the support level 23.00 to continue its downward move till reaching the support level 22.50 as a second target.

Resistance and support levels: R3 (25.00) R2 (24.40) R1 (23.90) S1 (23.00) S2 (22.50) S3 (22.00)